Everyone is worried about the oil price in the international and high oil price is affecting the South Asian countries including India a lot. Now ADB may even lower its prediction about the GDP growth of India if the current problem about rising oil price continues. 3 weeks ago, ADB predicted that Indian economy will grow at 7.6% this year and now ADB is saying that if the price of oil in the international market continues to remain high than it will change its forecast about the Indian economy.
Rising oil price if affecting all the South Asian countries very negatively but for India it is even a bigger problem because of the sheer size of the Indian economy. Until now the oil organizations of Indian government are suffering huge losses everyday because of the fact that they have to sell oil to the people at a lower rate than they buy oil from the International market. Because of the ongoing election in 5 states, the Indian government is now almost helpless even to discuss about raising the oil price in the domestic market.
Well, what I feel is that people living in Asian countries should read about business and economy more and the media here should cover this kind of topics more. This way, people can understand the condition of international market better and can give a conscious effort to save energy in their daily life.
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Razib,
You've made a good point here. Now that I've cut out the TV watching, I'm relying more on reading and surfing the Internet to gain knowledge about the current events of the world. Knowledge is power. Can you just imagine if more people were aware and even cared about what's going on in the world?
Posted by: Maria Palma | April 29, 2006 6:33 PM | Permalink to Comment